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But in the spirit of the season, as some of my Bible Belt friends would say: “pride comes before a fall.” With that in mind, here are five “asterisks” affecting our performance since inception and our near future.As usual, sharing these is somewhat counterintuitive, since most investment managers try to focus on what they’re doing well rather than what they’re not. But I’m hopeful that you will understand that I’m coming from a place of wanting to do the best job I can, and that requires not glossing over the “bad stuff.”(1) The new tax policy. I’m starting with this one because it’s the easiest to quantify.

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